QTUM/USD

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Ascending triangle. If price close above $3, good opportunity to buy with target $4.34. Good volume, good OBV.

Right-angle Triangles with the hypotenuse slanting upward from the origin of the pattern are called Ascending Triangles and are ‘‘bullish’’. The Ascending Triangle pictures growing buying power meeting organized selling at a certain resistance or supply level. An Ascending Triangle developing after a downtrend can act as a bottom reversal and forecasts breakout above the horizontal boundary. The more a horizontal boundary is tested and recognized as a technical level by market participants, the more important the pending breakout becomes.

The direction of the trend prior to the formation of the chart pattern differentiates an ascending triangle bottom reversal from an ascending triangle continuation. As ascending triangle that acts as a bottom reversal, forms after a clear downtrend. Ascending triangle forming as a bottom reversal resembles a H&S bottom reversal. Same price dynamics are present in both bullish reversal chart pattern. After forming lower lows, price starts forming higher lows. This is usually the first sign of a change in trend. Breakouts from chart patterns with horizontal boundaries are more reliable when compared with breakouts from chart patterns with diagonal boundaries.